Capital Market Development Over the Long Run: The Portfolios of UK Life Assurers Over Two Centuries

43 Pages Posted: 12 Nov 2020

See all articles by David Bogle

David Bogle

Queen's University Belfast - Queen's Management School

Christopher Coyle

Queen's University Belfast - Queen's Management School

John D. Turner

Queen's University Belfast; Queen's University Belfast - Queen's Management School

Date Written: November 12, 2020

Abstract

What shapes and drives capital market development over the long run? In this paper, using the asset portfolios of UK life assurers, we examine the role of regulation, historical contingency and political reactions to events on the long-run development of the UK capital market. Government response to events such as war, hegemony-secured peace, and the wider macroeconomic environment was the ultimate determinant of major changes in asset allocation since 1800. Furthermore, when we compare the UK with the United States, we find that regulation played a limited role in shaping the asset portfolios of the UK life assurance industry.

Keywords: Capital markets, asset management, life assurance, mutuals, mergers, regulation, United Kingdom, United States

JEL Classification: G11, G22, N20, N40

Suggested Citation

Bogle, David and Coyle, Christopher and Turner, John D., Capital Market Development Over the Long Run: The Portfolios of UK Life Assurers Over Two Centuries (November 12, 2020). QMS Research Paper 2020/11, Available at SSRN: https://ssrn.com/abstract=3728922 or http://dx.doi.org/10.2139/ssrn.3728922

David Bogle (Contact Author)

Queen's University Belfast - Queen's Management School ( email )

Riddel Hall
185 Stranmillis Road
Belfast, BT9 5EE
United Kingdom

Christopher Coyle

Queen's University Belfast - Queen's Management School ( email )

Riddel Hall
185 Stranmillis Road
Belfast, BT9 5EE
United Kingdom

John D. Turner

Queen's University Belfast ( email )

David Leir Building
Belfast BT7 1NN, BT9 5AG
Ireland

Queen's University Belfast - Queen's Management School

Riddel Hall
185 Stranmillis Road
Belfast, BT9 5EE
United Kingdom

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